As previously reported, Gordon Haskett analyst Chuck Grom upgraded TJX to Buy from Hold with an $80 price target ahead of the Q3 EPS prints for the off-price retailers. While a meaningful trade down to the off-price space has been slow to manifest, when he looks ahead to 2023, he suspects that the prospects for the group should begin to improve as rising unemployment and the slow evaporation of excess savings will "intersect" and lead to an uptick in trade-down activity, Grom tells investors.
Published first on TheFly
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